Yeah. A it's. Been. All right we're back I want it mark MacDougall Greg Miller. Access thanks for hanging out with us remember if you're listen and -- your drive and be careful text and drive in fact some -- -- -- -- -- talking on the -- -- -- -- Craig urban driving down the road and you missed -- turn. -- all it is talk on the phone. I've been driving on the road and missed tears and gone off the road because those text in his skating and -- and -- I do a lot of -- might not talented as well as I was making -- does sane have you been on the lone man. Yes I know so I know they're listeners because a lot of them you know we recommend you do is just take the don't talk on the phone just listened to life -- you on and you can even take the podcast in your ear -- only pop and one that we you're an ambulance trips. Cyrus the common polio for speed and you could drag it to and take us on the road get a check of podcast you can also look at the -- -- I heart radio. On gaining just go to the website and you couldn't. Custom you can you can pick whatever topics you wanna learn about listen looking at the highlights of lashes and those -- thanks to rose a poacher who makes the magic happen. For a liked it and thanks -- magic. Right all right here's the music we have to hear it's should be -- should go segments what's the end Omaha Nebraska. -- could be Omaha and Quincy Illinois. I think it is Quincy in Omaha Nebraska called with -- following question. I want to refinance one of my investment properties philandering spoke to said it won't save me money. -- 172000. But it's worth about a 18090000. I'm told I don't have enough equity is this true. I pay six in the quarter and really want to refinance what you and -- stared out. Stay unfortunately probably gonna have to stay in -- you're going to be able to reduce the principal balance or whoever told you that it was worth. 182 -- ninety's incorrect. You really don't have an effect equity to refinance an investment property so commodities -- order that's an easy when I think you got -- I think get a stay outlook does seem refinance those so. Double check the Alley exit corridor he needs to really do some research and make sure the value. Is. Correct who never gave that information and and if that's the case well. And and one thing to look at just to -- work with a mortgage planner because they can take you through -- city owner. -- -- I want to -- one of my investment properties if you've got multiple investment properties. It may makes Maine makes sense if you got those down lower rates to that in your equity position you may be able to cost effectively. She is still little and get this one to Wear your -- lower loan to value in the lock the stand up to long term playing you got it. Get this went down today a rate close to five or maybe a little bit less -- so it may you've got to work with. With a mortgage planner and a financial -- -- -- them both kind of look at report full look at where your where your leverage on and identify can you share some stuff for rent. Maybe it's primary residence has liquid in -- can tap into yet. But let's make sure it all makes as -- national agency has to be in their all of it so. All right folks before the break we were talking about Americans they're they're back in love with -- the states does not -- you're released today where people are moving to you -- remember you know loves a good thing but before you get married make sure you understand what the exit strategy he claimed he had. If like marriage 50% of Dickerson and end in divorce sister who's reality that most people on one more than one home in their life. So what makes you think what exit strategy looks like that was not a good compares wasn't marriage don't sell home to force us now on the marriage but don't look at chair. Talk with your home as the the be all end all of your relationships it's business. All right. So the sunny outlook for housing and upscale neighborhoods waiting -- would certainly is setting -- camp and why is that well mostly because when prices went out some lunch. In some of these series people going hey this is a great cheese -- these super hot areas there's a reason they were hot before there's a reason why they were the most desired locations. And when the values drop on those people in scoop them up a little cheaper to run back -- looks like the Smart investments which are those places mark that's right well actually -- not specifically hit on the places right here but I am just talking about you -- you got it so while we Jumbo rates now close. Search of those of conventional loans. Which we have seen a lot of -- what's the spread now would you say on average for excellent credit between a Jumbo and conforming -- quarter of a point yeah that's as -- -- it's really that's there's been -- -- there's been a little closer not much. Historically you usually see a half to three -- difference between the two but right now about a quarter difference between a conforming rate conventional way -- Jumbo rate. -- and buyers more confident sales volume for expensive homes is on the upswing in January. The number of US homes selling for 500 to 750. Picked up 15%. Vs a year earlier compared with a 6% drop. In the 102 to fifty prices which we consider the median home prices. So the time it takes to sell is also falling in many areas in Denver. For 1500000. Dollar houses were on the market 12%. Fewer days in January for this year than in the same period in 2013. Prices for high -- homes rose less than those on the low end last year but that's likely to change soon. According to core logic so. Folks if you're thinking of buying that high -- home the good news is look at the Jumbo loan. Buckeyes the rates are much more you can you don't have to put the big down payment so. Frequently in the last three to five years before you and first in the second or they're taking assets that were possibly having higher rate of return and put a big chunk. So they could save what might be three quarters were percent difference in interest rates well now there's a quarter different -- can really do the math on it. And in crunch damning though you know what made it that makes sense to pull out a big chunk of investments yielding a return of 7%. Two. Put down on alone it's gonna cost me effectively three quarter percent because of the tax efficiency. So do the math are also you can look at arms if it's not going to be a long term players Craig is said many times on the show that if you properly manage and armor. The chance of you coming out ahead overall in your interest savings is significant. Big Ten yet affected the fact that whether you want to. Look bad we can't lament of the past in which we rewind the clock and Meehan arms -- Every consumer out there. Who had a properly manage mortgage plan would have been an -- the last thirty years in state in Argentina refinance from the African zeros and you had to do without a budget -- You'd be thousands and thousands and thousands on everybody waited much needed to maintain your credit where you could refinance so. All right when we come back and atop the age old question Lance or rent vs buy at least lancer for those who view the winning ten of the largest cities in the United States life if you wanted to stay tuned. All right folks we are back to life as you own it. You own it were on it. Let's keep rocking out mark. Not this song to the data we have this year that's right right right out so cracked what data the we have Jerry West rat him -- forbid well. Let's talk about you -- the ten biggest cities and rents. It's vs all OK number listed is the big. Apple and apple Apple's the percent you'll save and buying is 22%. The median home price is 520000 the median -- 28. Fifty. And while Manhattan's multi billion dollar penthouse and expense of suburbs may make all the headlines many single family homes -- area command -- much more reasonable prices. Rents have been stable over the past year -- much higher than the potential national median rent a. A 1580 for people willing to stay in their home for seven years or more that makes buying more favorable proposition especially. Given what -- No really sit through that ever ever lower part of your your calculation of whether it makes sense -- renter by is. What is the cost of your mortgage that includes whether you're paying PMI when you've got to. And you haven't optimize your credit score and you had to pay a quarter three -- rate all of that impacts. Your real costs are number two analyst Greg what is it I don't have your stuff tie you down and I have additional loss. I'm Judy this is the -- of that deal loss -- engine -- the estimated percent saved it in buying is 24%. Median home prices 420000. The median rent is 2100. Dollars in. All right in cheap -- go. That percent saved buying is 47%. As the median and we're taking the median home price vs the median rent doing that do in the numbers there. Median home prices a 170 grants the median rent is guess what -- A whopping 17100 dollar -- you say 270 -- Seve said the median home price for the median rent you're gonna say 47%. Dallas. Median home price 190 median -- 1650%. Say even buying his 41% remember folks as we say these. These numbers that doesn't mean. -- -- say 41% it's. An apple two and apple. Which -- got to remember there's all kinds of the fruit she got a factory and you get your reasons you got to prunes. You get your. So what is your -- -- and -- Greg you know. Yeah one of dried out dehydrated. -- it was a retreat a craze in a crane. The -- re putting that's -- -- -- are folks who you get it the 41% that means some things. But only if you have some context to it so. A 190000 dollar median home price. Chair that might be a three bedroom two bath house the 16100 dollar median rent. That might be a three bedroom one bedroom Condo right in the middle of downtown. That's walking distance from your work. So there are a lot of variables were given no Ron hello -- get it -- give me the broad overview. And no means those things but but he got to get in and do the math. Thanks Rosa -- that was at -- -- I've talked with my hands so if you can see me now. You can know it's like a Bruce Lee movie and here. But and it sometimes we've got it because I have a weird. But the way I speak whenever I speak the words come out just about a half second later yeah. It's kind of funny yeah alright so Dallas Houston that the percent saved buying. I'm 45% median home price is 200 grand in the median rent is 18100 Houston's. And what do they are seeing big grants Philadelphia's 175000. Dollars median home price median rent to 16100 bucks. The estimated saved percentage is 46% Washington DC yet. Median home price is 330 median rent is 2100%. Safe buying 34%. Miami median home price 300 median rent 2252%. Say it buying is 38%. And and the median home price right now as a 130. I'm Andy median rent is thirteen 50% to eight minus 52% and last but not least boss Don and a median rent is 2550 median home price. Worth 35 -- percentage minus 30% now. All of our realtor friends are saying -- men now. Yeah how much money could save and our markets buying vs renting folks like I said its median the median that doesn't mean. That's all the information you go on the front runner up by but it does give an indicator. That's there's probably opportunity for you to make an investment in real estate today that night -- good long term one for you tomorrow. Are usually tomorrow anything underneath it is a good investment for most of you -- -- -- on music. Music playing -- trying to do what I was somebody in Springfield Illinois all right. We get -- should he stay or should you go Valerie in Springfield only called with a following my guys why is -- that I can't get a loan to buy a house. I have over 20% down and carry them back. My credit scores only 560 because my ex husband. Messed up my credit by not paying bills he was supposed to pay before that I had perfect credit now I've been on the job same job for over ten years. What can I get financed I am low risk in my opinion. Thanks. -- This is there should stay or should you go into it to stay with your credit score it is really not a -- by -- to answer your question why can't you buy. If your credit scores two of job sounds like get the job. There's only give a lot of debts your debt to income ratio is probably adequate. The 560 credit score is what's killing your right now as we did the talk to earlier in the show the sub primes. Market may be making a comeback there maybe some little bit more flexible loan options for you come and soon. For now though your 560 credit scores what needs to be improved upon -- many ways to do that he with a reputable. Hard working committed credit repair agency usually give you some advice on how to get the scores up. You're gonna need a higher score at least a 580 something done. But preferably you'd be over 622. Start opening some doors -- in some better finance options. Be careful as you get in a hurry when you have lower credit score -- what I see happen a lot time is. You're trying to get a home did you think you better your financial situation you've already had some bumps in the road. You go into fast without maximize your credit scores -- setbacks and get the good position before you do this yanks get that credit score cleaned -- -- -- husband was supposed to pay those it's a matter of time before you can even potentially take legal action. To get him cleaned. Up and off your credit beyond the right road. All right we come back we're gonna wrap up well pretty close to wrapping up -- -- sub prime mortgages make it a comeback and also what they do it in Venezuela. To build houses I think you wanna find out what unit.